Having watched the original trilogy 10s of times since early childhood and read all of Tolkien's books many times, I have to say that this was AMAZING!
The pacing of the plot and the development of the characters were great. It introduced a lot of background to the LotR world without overcomplicating it for new audiences. Cinematics were a delight to watch, and I thought the direction and music were on point.
My advice is to not listen to the people giving one-star reviews, who seem to be supposedly die-hard LotR fans with their knickers in a twist and watch it anyway.
P.s. Galadriel is getting some pretty harsh comments as well. I personally loved her character. Yes, she is a bit aggressive towards everyone she meets, but it works in the context of her character's history and her aspirations. It feels like another Anakin Skywalker moment.
Can't wait for season 2!!!